6 minute read
Is JustMarkets Legal in India? A Comprehensive Review
from JustMarkets
by Exness_India
Yes, JustMarkets is not legally authorized to operate in India. As of now, the platform is not regulated by Indian financial authorities such as the Securities and Exchange Board of India (SEBI). While it allows Indian residents to create accounts, trade, and withdraw funds, this activity exists in a legal gray area and carries significant risks. This article will explore why JustMarkets is technically not legal in India, what that means for Indian traders, and whether or not you should use it.
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What Is JustMarkets?
JustMarkets is a global online forex and CFD broker offering access to trading instruments such as:
· Forex currency pairs
· Precious metals
· Indices
· Cryptocurrencies
· Commodities
· Stocks
It markets itself as an easy-to-use, beginner-friendly platform with low spreads, leverage up to 1:3000, and access to popular platforms like MetaTrader 4 and MetaTrader 5. While these features may look appealing to Indian traders, the regulatory status in India remains a key issue.
Why Is JustMarkets Not Legal in India?
The core issue lies in regulation. In India, the forex trading market is tightly regulated by the Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI). These two entities oversee all legitimate trading platforms operating within the country.
Here's why JustMarkets does not make the cut:
1. Lack of SEBI Registration
SEBI regulates investment firms and online brokers that operate in India. JustMarkets is not registered with SEBI, which makes its services unauthorized for Indian residents.
2. Forex Trading in India Is Restricted
Under Indian law, retail forex trading is only allowed through SEBI-registered brokers and only for currency pairs where the Indian rupee (INR) is one of the currencies (e.g., USD/INR, EUR/INR, JPY/INR, GBP/INR).JustMarkets offers a broader set of currency pairs, including those that do not involve INR. This is a direct violation of Indian forex trading laws.
3. Offshore Broker Status
JustMarkets is registered in offshore jurisdictions such as St. Vincent and the Grenadines, where regulations are lax. Indian authorities do not recognize licenses from these jurisdictions. Therefore, using JustMarkets for forex trading in India is considered illegal under FEMA (Foreign Exchange Management Act).
What Are the Risks for Indian Traders?
If you're an Indian resident trading on JustMarkets, here are the major risks you’re taking:
1. Legal Consequences
While most users don’t get caught, trading through unregulated foreign brokers can technically violate Indian laws. You may face penalties under FEMA, especially if large volumes of money are transferred abroad.
2. No Investor Protection
Since JustMarkets is not regulated by SEBI, you are not protected under Indian investor laws. If something goes wrong — like the platform shutting down, freezing your funds, or manipulating prices — you cannot file a complaint with Indian authorities.
3. Banking Restrictions
Banks in India are increasingly flagging and blocking transactions linked to forex trading with offshore brokers. Your withdrawals and deposits may get delayed, reversed, or permanently held.
4. Limited Legal Recourse
If you face fraud, hacking, or platform manipulation, your only option is to pursue legal action in the offshore jurisdiction, which is impractical and costly for most individuals.
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What Are Traders Saying?
Despite its illegal status, many Indian traders continue to use JustMarkets, attracted by:
· High leverage (up to 1:3000)
· Crypto deposits and withdrawals
· Access to global markets
· Attractive bonuses and low spreads
However, the absence of a regulatory safety net leads to mixed reviews. While some users report fast executions and smooth withdrawals, others mention suspicious account bans, unexpected spread widening, and poor customer support.
Alternatives to JustMarkets That Are Legal in India
If you're looking to trade legally and safely in India, here are your main options:
1. Use SEBI-Registered Brokers
Brokers like Zerodha, ICICI Direct, HDFC Securities, and Kotak Securities are regulated and safe. They allow you to trade legally within the currency pairs approved by RBI.
2. Trade on Indian Exchanges
Platforms such as NSE (National Stock Exchange) and BSE (Bombay Stock Exchange) offer currency derivatives and are SEBI-regulated. You can trade USD/INR, EUR/INR, GBP/INR, and JPY/INR futures and options legally.
3. Crypto or International Stocks via Indian Platforms
For exposure to global assets, look at platforms like Groww or INDmoney, which partner with regulated international entities and operate under Indian regulatory supervision.
Why Do So Many Still Use JustMarkets in India?
Despite legal warnings, platforms like JustMarkets continue to gain traction in India due to:
· Lack of awareness: Many retail traders are unaware of the legal restrictions around forex trading in India.
· Ease of access: No KYC hurdles, fast deposits, and no trading limitations make it appealing.
· High returns (perceived): High leverage and exotic instruments seem profitable, although they increase risk.
· Peer influence: Telegram groups, Instagram influencers, and YouTube “mentors” often promote these platforms without disclosing the risks.
Has the Indian Government Taken Action?
Yes. The RBI has repeatedly warned Indian citizens against using offshore forex brokers. In recent years:
· Banks were directed to scrutinize remittance and credit card payments related to foreign forex platforms.
· The Enforcement Directorate (ED) has taken action against some individuals for violating FEMA through offshore trading.
· The Ministry of Finance has also flagged names of specific brokers in advisories, although JustMarkets has not been officially named — yet.
So while individual action against traders remains rare, the government is increasingly monitoring and blocking access to such platforms.
What Should You Do If You're Already Using JustMarkets?
If you're already trading on JustMarkets, here’s what you can do:
1. Withdraw your funds as soon as possible and avoid large deposits.
2. Stop trading non-INR pairs, especially exotics and crypto if you're concerned about legal compliance.
3. Switch to SEBI-regulated platforms if you want to trade legally and safely.
4. Do not promote such platforms publicly in India, as it can attract legal attention.
Final Thoughts
The growing accessibility of global trading platforms like JustMarkets has opened up new opportunities — but not all of them are safe or legal. In India, trading on JustMarkets is not only unregulated but also violates forex trading laws. While it may seem like a shortcut to profit, it’s a risky bet that could cost you your money — or worse, lead to legal trouble.
If you’re serious about trading, build your skills with legal platforms, understand the regulations, and protect your capital. In the long run, legality and security always outweigh flashy returns.
✅ Trade with JustMarkets now: Open An Account or Visit Brokers 👈
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